Chevrolet Corvette Insurance Rates

Are Corvettes expensive to insure? Corvettes can be more expensive to insure than most vehicles. Exactly how much is Corvette insurance from major insurers? The average insurance cost for a Corvette is $1,864 a year, or $155 a month. Read on to learn how to find the cheapest Chevrolet Corvette insurance rates.

Enter your ZIP code in our free rate tool above to start comparing Corvette insurance quotes and save on Corvette insurance costs.

Average insurance rates for a Chevrolet Corvette are $1,814 a year for full coverage. Comprehensive insurance costs an estimated $516, collision costs $930, and liability coverage is $258. Liability-only coverage costs around $306 a year, with high-risk coverage costing $3,910 or more. Teen drivers receive the highest rates at $6,122 a year or more.

Average premium for full coverage: $1,814

Rate estimates broken down by individual coverage type:

Estimates include $500 deductible amounts, 30/60 split liability limits, and includes medical and UM/UIM coverage. Rates are averaged for all states and for different Corvette trim levels.

Price Range by Coverage and Risk

Price Range by Location

Choosing to live in a large city has a large influence on insurance rates. More rural locations tend to have a lower frequency of accident claims than larger metro areas.

The price range example below illustrates how location helps determine insurance prices.

These examples show why anyone shopping for car insurance should compare rates quotes for a targeted area and risk profile, rather than using price averages.

Use the form below to get customized rates for your location.

More Rate Details

The chart below shows estimated Chevrolet Corvette insurance rates for other coverage scenarios.

• The lowest rate with discounts is $994
• Raising to $1,000 deductibles will save approximately $328 a year
• The average rate for a 40-year-old driver who has $500 deductibles is $1,814
• Choosing more expensive low deductibles will cost an extra $638 each year
• Unlucky drivers with multiple violations and an at-fault accident could pay up to $3,910 or more
• The cost for full coverage for a teenage driver with full coverage can cost as much as $6,122

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Car insurance rates for a Chevrolet Corvette can also vary considerably based on your driver profile, the trim level of your Corvette, and liability limits and deductibles.

An older driver with no driving violations and high deductibles may only pay around $1,700 every 12 months on average for full coverage. Rates are highest for teen drivers, where even good drivers will be charged at least $6,100 a year. View Rates by Age

Where you live also has a big influence on Chevrolet Corvette insurance rates. A middle-age driver might find rates as low as $1,190 a year in states like Iowa, Maine, and Idaho, or as much as $2,580 on average in New York, Louisiana, and Michigan.

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Choosing high deductibles can reduce rates by up to $970 a year, while increasing your policy's liability limits will increase premiums. Going from a 50/100 limit to a 250/500 limit will cost as much as $232 extra every 12 months. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you could be paying $2,100 to $2,800 extra per year, depending on your age. High-risk driver insurance is expensive and can cost around 46% to 130% more than average. View High Risk Driver Rates

With so much variability in rates, the only way to know which company is cheapest is to compare rates and see how they stack up. Every auto insurance company uses a different rate calculation, so rate quotes can be significantly different from one company to the next.

Insurance Rates by Trim Level and Model Year

Rates assume 2023 model year, a 40-year-old male driver with no accidents or violations, $500 comprehensive and collision deductibles, minimum liability limits, and uninsured/under-insured motorist coverage included. Rates are for comparison only and are averaged for all 50 U.S. states.

How to Find Low Cost Chevrolet Corvette Insurance

Saving money on auto insurance consists of having a good driving record, having above-average credit, eliminating unneeded coverage, and not having any coverage lapses. Invest time comparing rates at least every other year by getting rate quotes from direct carriers like GEICO and Progressive, and also from local independent and exclusive agents.

The next list is a review of the car insurance concepts covered in the charts and tables above.

• Drivers who have several accidents or serious violations pay an average of $2,100 more annually to buy Chevrolet Corvette insurance
• Drivers can save approximately $230 per year simply by shopping early and online
• Increasing deductibles can save around $975 each year
• Consumers who want increased levels of liability coverage will pay about $280 each year to raise from a minimum limit to 250/500 limits

How much does it cost to insure a Corvette if you have a poor record? Generally, the cost to insure a Corvette will be at least $500 more if you have a DUI or reckless driving charge. And if you are wondering how much is insurance on a Corvette for a 16 or 18-year-old, it will usually be at least $1,000 more than a normal policy.

The best way to find cheap Corvette average prices is to shop around for a Corvette comparison chart of insurance rates. Whether you are looking for the best Corvette insurance as a 20-year-old or want to find out how much is insurance for a 2019 or 2020 Corvette, shop around to find the best Corvette car insurance price.

It’s important to also know if you need collector car insurance or standard auto insurance. There are different auto insurance companies, and some do both or just one type. Classic car insurance is for an older collector vehicle that needs to be insured a bit different than your standard newer vehicle.

Use our free tool below to shop around for everything from the insurance cost for a Corvette Stingray to Corvette insurance costs for 18-year-olds and 20-year-olds.

What are the safety ratings of the Chevrolet Corvette?

Chevrolet Corvette safety ratings and features are important when it comes to calculating rates. The safer your car is, the more discounts you will receive. The newest model of the Chevrolet Corvette has some great advanced safety features, such as a rearview camera, a head-up display, and a front curb-view parking camera.

However, the Insurance Institute of Highway Safety (IIHS) has not crash-tested the Chevrolet Corvette. This means that insurance costs will be calculated on overall crash test ratings for sports cars, even if the Chevrolet Corvette is safer than other sports cars.

How does the Chevrolet Corvette compare against other vehicles in the same class?

The Chevrolet Corvette is a midsize, luxury sports car, which usually means it will have higher liability rates because it is more prone to crashing. While 2014 Corvette insurance rates might be different than insurance on a 2020 Corvette because the 2020 model has more safety features that prevent crashes, you can expect rates on luxury sports cars to be higher on all model years.

The good news is that the IIHS found that the Chevrolet Corvette’s liability rates were substantially better than average in comparison to other sports cars. This doesn’t mean you’ll have cheap rates, but your rates will be cheaper than average for sports cars.

If you are curious how the Chevrolet Corvette’s insurance rates compare to other sports cars, take a look at the list below.

• Ford Mustang GT Insurance Rates
• Mercedes-Benz SL Class Insurance Rates
• Nissan 370Z Insurance Rates

Ready to start shopping for Corvette insurance? Whether you want 2019 or 2020 Corvette insurance cost comparisons or a decades-old model quote, enter your ZIP code in our free tool.

References

1. https://www.iihs.org/ratings/insurance-losses-by-make-and-model